$414M Budget for 2020 announced; No new tax measures!
Delivering the Budget Address during the Second Sitting of the Second Session of the Fourth House of Assembly (HoA) on November 19, 2019, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) also listed a number of plans for his government, many of which are aimed at bringing in revenue to the territory and stimulating economic growth.
Of the total $414M budget this year $327,766,149 will be allotted to recurrent expenditure; $65,479,200 on capital expenditures; $6,217,762 in fund contributions; and $14,545,500 towards principal repayments on debts.
According to Premier Fahie, it is estimated that development expenditure in 2020 will be $65,479,200. This amount comprises $7,987,200 in capital acquisitions and $57,492,000 in infrastructure development across the Territory.
Government is anticipating revenues of $362.9 million in 2020, with about $201.4 million from financial services. “I am urging Statutory Boards and State-owned Enterprises to increase their efficiency and effectiveness so that they become more commercially viable,” Hon Fahie implored.
No new taxes
According to the Premier, as the Territory continues to move forward with its recovery, its Government will not stifle the people with any new tax measures. “We strongly believe that we will be able to meet our targets for revenue, expenditure and debt without putting undue burden on the people of this Territory.”
As expected, the bulk of expenditure will continue to be on education and health, “two of the most important areas in guaranteeing the empowerment, strengthening, and development of our people,” Premier Fahie stated.
The percentage distribution of each Ministry’s recurrent budget allocation and our statutory obligations would be as follows:
• Constitutionally Established Departments, 2.5 percent;
• Governor's Group, 11.3 percent;
• Premier's Office, 8.1 percent;
• Ministry of Finance, 12.1 percent;
• Ministry of Natural Resources, Labour and Immigration, 2.7 percent;
• Ministry of Education, Culture, Youth Affairs, Fisheries and Agriculture, 15.2 percent;
• Ministry of Health and Social Development, 19.6 percent;
• Ministry of Transportation, Works and Utilities, 13.8 percent;
• Pensions, Public Debt & Funds Contributions, 14.7 percent.
The 2019 Budget was passed at the Second Sitting of the First Session of the Fourth House of Assembly on April 26, 2019 to the tune of $427.657.383.
This was only two months after the Virgin Islands Party (VIP) took office.
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